ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2021
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HOULDER LIMITED
COMPANY INFORMATION
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HOULDER LIMITED
CONTENTS
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HOULDER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors report that the company made a profit after tax of £117,196 (£126,777 loss in 2020). This result reflects satisfactory trading, the successful delivery of a complex international offshore renewables project and is after taking account of a significant bonus distribution to its employees in recognition of in year efforts and hardships undergone in 2021.
Houlder continues to demonstrate strength in technical delivery and longstanding deep client relationships in all of its marine, defence and energy sectors. The board recognises that the changes in Houlder’s key market sectors present significant opportunities for the business, particularly the need to rise to the challenges of a transition to a lower carbon world.
STRATEGIC RISKS
Two themes prevail in the markets Houlder serves – the transition to low carbon energy production and the decarbonisation of shipping. Each gives rise to challenge and opportunity through which we support our clients with advisory, design and engineering and implementation services. The board continues to direct the development of our capabilities to address growing demand in offshore renewables, marine and defence sectors but there continues to be uncertainty over longer term prospects in the traditional oil and gas markets. All of those engaged in marine activity face significant challenges in the energy transition to net zero. This will impact new vessels and equipment and drive a need to retrofit clean technologies to existing assets. The board is focused on ensuring that the company’s activities evolve to help its clients meet these challenges. The COVID-19 pandemic has been unprecedented in scale and impact. We have taken swift and decisive action to protect our colleagues, clients and the communities in which we operate, by implementing the necessary steps to safeguard our business through the crisis, in line with UK Government guidelines. As the country emerges from this uncertain situation, Houlder’s values have ensured that we do things in the right way. We are very grateful and proud of the actions of all our staff, who have been supporting the effort. COVID-19 and its effects on global trade and supply chains remains an issue. During 2022 it has been compounded by geopolitical factors such as the war in Ukraine, rising energy prices and the risk of stagflation in the UK making an uncertain economic environment. Houlder expects to prove resilient despite these headwinds. Increased emphasis on energy security for example will help sustain investment in our key markets. For our clients, however, investment decisions are becoming increasingly complex in the face of market volatility from foreign exchange to commodity prices. Against this backdrop, some project delays and cancellations are inevitable. We are confident, however, that we have the financial and operational strength to withstand the various challenges, support our clients through the crises and continue serving them, whilst pursuing our growth plans. The company will continue to refine its operating model to keep risk and return at acceptable levels.
FINANCIAL RISKS
The company's sales and purchases are denominated mainly in GBP. Liquidity and cash flow risk are managed through agreeing appropriate payment terms with clients and suppliers. In December 2015, work ceased on the company's emerging market contract. The client has not settled its debts although some recovery was previously made from credit insurers. The company, alongside its insurers, pursued its full claim against the client. A formal arbitration process has now concluded with an award in full to the company on all claims.
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HOULDER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
Operational risks are mitigated by the company's commitment to quality assurance. Houlder is accredited to ISO 9001 and operates under a Business Quality Management System (BQMS).
PROJECT RISKS
All hazards and risks are evaluated through the project and HSE functions within the company and mitigated using the group’s HSE management systems. FINANCIAL KEY PERFORMANCE INDICATORS The directors actively review the monthly management accounts, forecasts, and cash levels as key indicators to monitor the performance of the company.
The company’s BQMS helps formalise a culture of objective setting and performance measurement of a broad range of KPIs.
The directors continually strive to invest in safety, project management and product development to ensure that the highest level of service is provided to our clients.
Sustainability is at the heart of Houlder’s business and accordingly the directors are taking steps to baseline and improve its Environmental, Social and Governance (ESG) performance. A working group has been established to chart a path to net zero carbon. In the first quarter of 2022 Houlder completed the acquisition of Seaspeed Marine Consulting Limited, a specialist in hydrodynamics and model testing. Its capabilities improve vessel efficiency, complement our vessel design activities and support our services in decarbonising shipping and the energy transition.
This report was approved by the board on 5 July 2022 and signed on its behalf.
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HOULDER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £117,196 (2020 - loss £126,277).
The directors do not recommend a final dividend.
The directors who served during the year were:
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HOULDER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
The auditor, Barnes Roffe LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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HOULDER LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOULDER LIMITED
We have audited the financial statements of Houlder Limited (the 'company') for the year ended 31 December 2021, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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HOULDER LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOULDER LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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HOULDER LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOULDER LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:
∙the nature of the industry, sector and control environment including the procedures for revenue and Work In Progress recognition;
∙results of our enquiries with management about their own identification and assessment of the risks of irregularities;
∙any matters we identified having made enquiries of management about their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations, and;
°the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered opportunities and incentives that may exist within the organisation for fraud. In common with audits under ISAs (UK), we are also required to perform specific procedures to respond to risk of management override.
We also obtained an understanding of the legal and regulatory frameworks the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context includes the UK Companies Act and local tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the company's ability to operate.
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HOULDER LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HOULDER LIMITED (CONTINUED)
Audit response to risks identified
As a result of performing the above, our procedures to respond to the risks identified including the following:
∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙enquiring of management about actual and potential litigation and claims;
∙performing analytical procedures and substantive testing to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
∙in addressing the risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Leytonstone House
Leytonstone
London
E11 1GA
Date:
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HOULDER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2021
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HOULDER LIMITED
REGISTERED NUMBER: 04400298
BALANCE SHEET
AS AT 31 DECEMBER 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 26 form part of these financial statements.
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HOULDER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2021
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Houlder Limited ("the company") is a company limited by shares, incorporated in England and Wales. Its registered office is Leytonstone House, 3 Hanbury Drive, London, E11 1GA.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.
The company is itself a subsidiary company of Houlder Engineering Group Limited (incorporated in England and Wales) and is exempt from the requirement to prepare group accounts by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Houlder Engineering Group Limited as at 31 December 2021 and these financial statements may be obtained from Companies House.
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Analysis of turnover by country of destination:
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 16
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
8.TAXATION (CONTINUED)
The company has tax losses carried forward available for offset against future taxable profits.
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Accounting Policy: Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Costs incurred directly attributable to plant and equipment where construction is in progress are capitalised. No depreciation is charged on construction in progress. Upon completion the historic cost is transferred to plant and equipment. Cost includes all raw materials and consumables and the direct costs of construction including staff engaged directly in the construction. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income. Accounting Policy: Depreciation Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis: - Office Equipment - 3 to 10 years straight line. - Plant & machinery - 2 to 4 years straight line. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Critical accounting estimates and judgements: Useful economic lives The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The company was party to an agreement as a lessor of certain plant and machinery. During the prior year, the directors determined that no depreciation should be charged on the asset included within plant and machinery that was being developed to be held under the lease. During the current year the other party to the agreement exercised an option to purchase and the asset was disposed of and associated profit on disposal recognised within operating profit (see Note 4).
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 20
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 21
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 22
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 23
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Page 24
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Profit and loss account
Accounting Policy: Defined Contribution Pension Plans
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in an independently administered fund. Defined Contribution Pension Plan The pension cost represents contributions payable by the company to the fund and amounted to £306,736 (2020 - £319,780). Contributions totalling £35,786 (2020 - £41,006) were payable to the fund at the balance sheet date.
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HOULDER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
The company regards Houlder Engineering Group Limited as its ultimate controlling parent company. Houlder Engineering Group Limited is 100% owned by Houlder Employee Benefit Trust.
Houlder Engineering Group Limited is the smallest and largest consolidation including the final results of Houlder Limited.
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